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Merger | 9 Months Ended
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Sep. 30, 2023
Asset Acquisition [Abstract] |
Merger | Merger The Merger was accounted for as an asset acquisition as substantially all of the fair value was concentrated in IPR&D. Cend’s assets (except for cash and working capital) were measured and recognized as an allocation of the transaction price based on their relative fair values as of the transaction date with any value associated with IPR&D being expensed. The fair value of total consideration was $36.1 million. The following table is a summary of the purchase price calculation (in thousands except per share data).
Number of common shares of the combined company owned by Cend stockholders | 3,772,768 |
Multiplied by the fair value per share of Lisata common stock on September 15, 2022 | $6.25
Total | $23,580
Carrying value of Lisata's cost method investment in Cend | 10,000 |
Incremental fair value of Cend's fully vested stock options | 2,136 |
Lisata transaction costs | 382 |
Total purchase price | $36,098
The allocation of the purchase price was as follows (amounts in thousands):
Cash and cash equivalents | $7,062
Net working capital (excluding cash) | (1,690) |
Other liabilities | (22) |
Acquired in-process research and development | 30,393 |
License | 355 |
Net assets acquired | $36,098

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480123/805-50-15-3 + Details
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